“Prices of products sold by Canadian manufacturers, as measured by the Industrial Product Price Index (IPPI), increased 1.0% in May, mainly due to higher prices for energy and petroleum products,” Statistics Canada reported today.
Key takeaways from the official publication
- The IPPI increased 1.0% following a 0.4% increase in April. This is the largest monthly increase since November 2017.
- In particular, prices rose for motor gasoline (+4.1%), light fuel oils (+5.5%) and diesel fuel (+5.5%).
- Prices for raw materials purchased by Canadian manufacturers, as measured by the Raw Materials Price Index (RMPI), rose 3.8%, primarily due to higher prices for crude energy products.
- The IPPI rose 3.1% over the 12-month period ending in May, following a 2.3% increase in April.
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